Integra Resources $20M Bought Deal

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Thursday, September 10th. 

Once again gold was able to shrug off forceful overnight interventionary selling in London which took the gold price down over $20 to $1926 on the December paper gold contract before launching over $30 after the Comex floor hours commenced. Similarly, silver withstood a bout of selling and bounced off a low of $26.60, rising over 80 cents to $27.25 as this commentary is being written. Meanwhile, investors chased the mining stocks as if they were chasing their last meal, with GDX jumping 4.3% and the venerable HUI index soaring 4.8%. The Mining Stock Journal said that the mining shares, especially the riskiest junior explorers, are still extraordinarily cheap in relation to the prices of gold and silver. The newsletter added that it appears as if fundamental, technical and seasonal factors are lined up in a way that could produce serious fireworks in the precious metals sector this fall.

We’ll get to the news out of the miners and explorers here in just a quick moment, but first a quick mention of today’s sponsor. 

This episode of Mining Stock Daily is brought to you by… Rio2. 

Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.

And here’s what you need to know this morning…

Integra Resources announced a $20 million bought deal financing last night. Underwriters have agreed to purchase, on a bought deal basis, 5,900,000 common shares of the Company at a price of US$3.40 per Common Share. Coeur Mining, which currently holds approximately 4.8% of the issued and outstanding Common Shares, has indicated an interest in purchasing as a part of the Offering at the Issue Price a number of Common Shares that allows it to maintain its percentage ownership interest in the Company. Integra intends to use the net proceeds to fund exploration and pre-feasibility study expenditures at the DeLamar Project and for working capital and general corporate purposes. The Offering is expected to close early next week. Integra Resources trades on the TSX Venture with ITR and on the NYSE American with ITRG. News Release

Liberty Gold shared new reverse circulation drill results form the 2020 drill program on the Black Pine oxide gold property in southern Idaho. Results reported today included .98 g/t gold over 80.8 meters from the D-3 Zone, including smaller 18.3 meter section grading 2.32 g/t gold. Liberty Gold identified nine regional oxide gold targets over a 7.3 square kilometre (“km2”) permit area to be tested in 2020. To date, five targets have been tested, resulting in the D-3, F, and D-1 Southeast Extension discoveries, with assays pending from the Southwest Extension and D-1 Northwest Extension areas. Liberty Gold trades on the TSX with the symbol LGD. News Release

Premier Gold Mines reported some results this morning from its 25,000 meter drill program on its Hasaga Project in Red Lake, Ontario. The company says the Epp-C zone has been extended to at least 150 meters to the west and 60 meters to the east with drill results of 12.05 g/t gold over 13 meters and 9.23 g/t gold over 4.2 meters. The Hasaga Project, located contiguous with Pure Gold Mining's Madsen Project, and is host to an important 2017 discovery that includes high-grade mineralization with true widths up to 30 m that remains open for expansion. The Epp-C and Epp-D zones represent priority targets to host the next generation of mineral resources with highly attractive attributes for potential mine development. Premier Gold trades on the TSX with PG and on the OTCPK with PIRGF. News Release

B2 Gold announced the mill expansion at the Fekola Mine has been complete is is now increased to 7.5 million tonnes per annum. This project was delivered on month ahead of schedule. The Company is maintaining both quarterly consolidated budgeted production estimates and consolidated annual production guidance for 2020.  Total consolidated production guidance remains at between 1,000,000 and 1,055,000 ounces of gold. In addition, B2 also announced they have declared a cash dividend for the third quarter of $.04 per share payable at the end of this month. It has also begun paying down its $425 million revolving credit facility and estimates to be debt free by late this month. B2 Gold trades on the TSX with BTO and on the NYSE with BTG. News Release

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I’m Trevor Hall. Have a wonderful day. Be well.

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